ECON1110_HW2

# ECON1110_HW2 - Introductory Microeconomics ECON 1110...

• Notes
• 3

This preview shows pages 1–2. Sign up to view the full content.

Introductory Microeconomics – ECON 1110 Homework Assignment #2 This homework assignment is due at the start of class on Tuesday, Sept 30.  You are  permitted to work in small groups, but you must submit your individual answers.  Please  be neat, or else you may not receive full credit.  On any graphs you must correctly label  all axis with the appropriate units of measure. 1. The following table presents the marginal value (MV) and marginal cost (MC) for  each unit of vaccine. (20 points)          Unit       MV     MC 1 86 6 2 51 6 3 32 9 4 17 11 5 12 12 6 9 14 7 7 17 8 6 28 9 5 32 10 1 41 a. Draw a diagram with the supply and demand curve for vaccines. b. If the government fixes the price per vaccine at \$32 each, what is excess supply?  (I want a number) c. What is the efficient level of gains from trade, consumer surplus, and producer  surplus?  At the efficient point, what is the total amount spent on vaccines?

This preview has intentionally blurred sections. Sign up to view the full version.

This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

### What students are saying

• As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

Kiran Temple University Fox School of Business ‘17, Course Hero Intern

• I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

Dana University of Pennsylvania ‘17, Course Hero Intern

• The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

Jill Tulane University ‘16, Course Hero Intern